20151028 Lupin-Case Exhibits for Distribution

7/24/2019 20151028 Lupin-Case Exhibits for Distribution

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Date Target Country Acquirers name

Jul-07 Nikho Brazil Cadilla Healthcare

Jul-07 Vit. D business of Solva Netherlands Dish!an "har!a

#a-07 $aro %ahra!ceuticals &srael Sun "har!a

#a-07 Ne'!a (abs )rance *ockhardt (td.

+%r-07 Hollister-Steir ,S+ Jubiliant r'anoss

Source /N+# esearch

Exhibit 1: Recent International Acquisitions by Indian Companies


2/54

Value ! mn"# $ales ! mn"#

12 12

32.4 11.2

545 16

124 340

331.4 44


3/54

$ummarised Income $tatement

)8 1004

$otal inco!e 319:30.5

#anifacturin' e;%enses 4927:.7

/!%loee cost 39142.Sellin' < distribution e;%enses 39072.1

"BD&$+ 395:2.7

"BD$+ 3932:.2

"B$ :1.0

"+$ 11.6

$ummarised balance sheet:

%iabilites and &et'orth: )8 1004

Net =orth 49004.0

$otal borro=in's 59502.5ther liabilities 6:5.5

Total %iabilities 1()*+,"-

Assets:

>ross fi;ed assets 7952.2

Net fi;ed assets 2917.4

&nvest!ents 6:.7

Current assets9 loans < advances 297:.7

(ess Current liabilites and %rovisions 19775.3

Total assets 1()*+,"-

Source Data %rovided b (u%in (td.

Exhibit .: $ummari/ed 0inancial in0ormation %upin all figures in rupees million

? &t had 0.:54 !illion e@uit shares outstandin' as of #arch 1007 and its avera'e#arch 1007 =as s. 57.04 billion. (u%in =as listed in the leadin' national st


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)8 1002 )8 1007

379::4.4 119344.1

4927:.7 4927:.7

39142. 39142.39216.4 39632.6

1962.7 59723.:

19224.7 59:60.5

19125. :9612.7

39760.0 19676.

)8 1002 )8 1007

295:6.4 95.3

6931:.4 9254.4642.3 39017.1

12),13"1 1-),,2"-

9201.7 309:51.2

29272.3 7962:.2

64.0 4.2

3:9353.7 359744.:

:9:63.1 59110.7

12),.1"2 1-),,2"-

#

arket ca%italization durin' theck e;chan'es in &ndia


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Sales Avalue Sales Avolu!e

, 15.00 20.60

,S 31.0 2.20

>er!an 13.0 2:.70

)rance 34.60 :6.0

Ja%an 2.10 37.10

Source "rovided b the co!%an and credited to the Ja%an >eneric #edicines +ssociation *ebsite

Data concernin' the ,S9 , >er!an and )rance are of 100. Ja%an data are of 1007

Sales Avalue Sales Avolu!e

1003 5.70 30.0

1001 5.0 31.10100: 4.10 32.50

1005 4.10 32.0

1004 4.30 37.30

1002 4.70 32.60

1007 2.10 37.10

Source "rovided b the co!%an and credited to the Ja%an >eneric #edicines +ssociation *ebsite

Exhibit *: $hare o0 4eneric Drugs in 5a6or 5ar7ets 8#

Exhibit +: $hare o0 9apanese 4eneric Drugs 8#


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UK US Germany France Japan

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

2001 2002 2003 2004 2005 2006 2007

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%16.00%

18.00%

20.00%


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Sales (value

Sales

(v!lume

Sales

(value


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asin' their shares in the !arket

((2 ;.((< ;.((-E

8 o0 Total $ales 8 o0 Total $ales 8 o0 Total

.6 :792:3 6.: 5597: 30.00

7.: :391 7.6 5:9000 6.20

7.2 :39564 7. :49020 7.

2.7 179515 2. :39000 2.6

5.2 39400 5.2 369500 5.:

:.5 3:9400 :.: 359100 :.1

1.6 3:9140 :.: 3:951 :.3

1.1 309051 1.4 339521 1.2

1.: 6920 1.5 339511 1.4

3.6 7927: 3.6 69301 1.0

3.4 79400 3.6 69000 1.0

3.3 59400 3.3 49300 3.3

3.1 59745 3.1 5967: 3.33.1 59500 3.3 59733 3.0

3.0 59:10 3.3 59267 3.0

3.3 59:0 3.3 59260 3.0

3.0 59070 3.0 59:32 3.0

3.0 59000 3.0 59:00 3.0

0. :97: 0.6 59310 0.6

0. :95:0 0. :9470 0.

53.4 347977 :6.3 3229356 :7.0

1((8 +(*)3(. 1((8 ++-)-3< 1((8

:0.5 31:7 :3. 34:5: :5.:

e!ber 1591006

nerics &8+,H&N N S&G,, B,NS/& CH,S+F

E&ERIC$ $A%E$ 9; I& 5I%%I@&$#1#


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)8 1002 )8 1004

ankin' ankin'

3 350

1 :

: 1

5 30

4 4

2 5

7 2

7

6

30 6

33 33

31 35

3: 13

35 36

34 10

32 3737 16

3 32

36 3

10 15

? Not availableSource "rovided b (u%in (td.

Top 1( suppliers inancial year .((2#

Ran7ing $upplier

3 oa ShoEi

1 ,Ei "har!a.

: Nihon Bulk "har!a.

5 Daito

4 #iat

2 #> "hara!a.

7 aken "har!a.

Valent %har!a.

6 Su!ito!o Che!ical

30 arinco s.%.a$otal

Top 1( contract manu0acturers

Ran7ing 5anu0acturer

3 orin i!edo

1 Daito

: $atsu!i ka'aku

Exhibit 2: 5a6or roducts o0 =yo'a

Exhibit


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5 "har!a "ack

4 $oo Ca%sule

2 Seiko /io 8akuhin

7 #aruko "har!a.

$aio 8akuhin

6 #e'uro ako

30 anae

Total

Source "rovided b (u%in (td.


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Brand Na!eSales AJ"8 !n.

)8-1004 )8-1002

)lutcasone nasal solution na? 546.:

!e%erazole :37.1 5:1.21

"ravastatin Na :6:.04 :7.3:

)lunitreza%e! 32.33 136.1:

(una%ron 10:.73 132.:7

ashilon 1:6.41 133.60

(ansa%razole 362.27 105.6:

Sul%ride 372.56 105.00

Calfina 374.63 365.43

#estinon 370.37 360.35

Si!vastatin 353.30 341.7

+kriden 311.07 3:7.66

+!el 30.:0 3:2.40

#aEo%rin 330.4: 316.03

Carba!aze%ine 30.6 317.4:

Neuo!il 33:.05 313.:/%arose 1.33 336.3

Nifeslo= 332.04 332.77

$a!sulosin 55.40 302.14

#il!a' 67.72 305.35

$otal :956.1: :9671.1

Category

+"&)inished %roducts 412.5

)inished %roducts 522.6

+"&"har!aceutical vehicle 5:0.0

+"&&nteri! %roduct :3:.:

+"& 103.:

)inished %roducts 310.:

+"& :.1

+"&"re%aration 0.4

+"& 72.5

+"& 72.1.)*


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hinoEet :7.4

/%arose 14.6

(ucus tablet9 +lfos%an tablet 30.:

Dro;i%oda ca%sule 2.1

Nito%ress tablet 4.6

$occata tablet9 #aEo%rin tablet 4.7

+s%izone 3.

22*"*


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;.((*

Assets

Depreciation

roperty) plant and equipment

"lants and buildin's 7:4)acilit fi;tures and structures :35

#achines and %rovision 12

$ools9 e@ui%!ent9 structures and deliver e@ui%. 301

(and 39:5:

.)ood=ill 143

$ele%hone )acilities ri'hts 6

Soft=are 14

.-,

InBestment etc"&nvest!ent securities 32

>uarant !one and lon' ter! %re%aid e;%. 61

.2(

or7ing Capital

Current asstes:

Cash and cash de%osits 39030

Notes receivable 39:75

+ccounts receivable 39265

(ess +llo=ance for bad debt -:5

&nventor 19017

ther Current +ssets 242)1*2

Current liabilities:

Notes %aable 64

$rade account %aables :74

ther account %aables 135

,n%aid inco!e ta; :5

De%osit sus%ense recei%t 13

,n%aid consu!%tion ta; 0

1),*3

&et or7ing Capital *)-.,

Deferred assets 30

Total Assets


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>uarantee !one received 567

Debentures 39330

etire!ent %ention reserve 17

,)2*3

Total %iabilities and Capital


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;.((+ ;.((, ;.((2 ;.((< ;.((- ;.((3

:2 :63 :21

515 45: 546

720 73 2716 10 :01

54 446 444

311 63 64

39:5: 39:5: 39:5:

*)((- .)331 .)3


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403 566 406 406 406 406

622 394: 39535 39535 39535 39535

33 5 5 5 5

2)1.+ 2)


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;.(1( ;.(11 ;.(1. ;.(1* ;.(1+ ;.(1,

:9120 :9120 :9120 :9120 :9120 :9120

3:3 3:3 3:3 3:3 3:3 3:3

1: 1: 1: 1: 1: 1:

2)*(1


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406 406 406 406 406 406

39535 39535 39535 39535 39535 39535

5 5 5 5 5 5

2)+,< 2)+,< 2)+,< 2)+,< 2)+,< 2)+,


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)uEi "har!a.

339153

15.76

314.65

340.7:

74.7

A.3

A5.34

326.44

61

7.43

55.0

70.00

33.50

3.20

n.a

:3.14

2.2

n#


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*orkin' Ca%ital &te! No. of das of sales

Notes receivable 27

+ccounts receivable 302

&nventor 4

Notes %aable -52

$rade +ccounts %aable -34

Net =orkin' ca%ital 105

+ll other current assets and current liabilities !a be assu!ed to be e@ual to )81007 a


Exhibit 11: =ey Income Related ro6ections

a $he %roEection assu!es +%ril 1002 as the date of decision.

b Sales are e;%ected to 'ro= at 2.529 34.0: and 31.76 for )810079 100 and 1006 res%

c Cost of >oods Sold as a %ercenta'e of sales is e;%ected to re!ain at 21.0 and 21.40 du

d )orecast about different co!%onents of S>


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ount. +ssu!in' ear has :24 das. (u%in is o%ti!istic about reducin' das inventor to 62 in )8103:

ctivel. $hereafter9 it can be assu!ed that o=a sales =ill 'ro= at the sa!e rate as that of >enerics #

rin' )81007 and )8100 res%ectivel.

.10

e. 30.7:

=th fro! )81007 on=ards.

n K durin' )81007 and )8 100 and 33 !illion K thereafter. Non-o%eratin' revenues Aincludin' intere

t si; ear startin' )8100.

515 !n A:2 !n for )810079 45: !n A:63!n for )8100 and 546 !n A:21 !n for )81006 res%ecti


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and thereafter.

arket AScenario &&

st and dividend received =as e;%ected to re!ain at 40 !illion K durin' )81007 - )81006. $hese ca

el. $hereafter9 a reasonable assu!%tion to !ake is that the invest!ents in fi;ed assets =ould be e@u


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h flo=s !a be i'nored =hile co!%utin'

l to the e;tent of that de%reciation char'ed.


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;ear

$cenario I $cen

1002 30.5 .5 4.

1007 3.3 6.4 33.:

100 35.7 30. 6.

1006 37.: 31.0 3:.2

1030 .0 3:.: 4.5

1033 3:.7 35.4 30.2

1031 4.: 34.5 5.1

103: 30.3 32.4 6.0

1035 7.7 37.2 2.2

1034 7.7 3.7 2.2

1032 7.7 10.0 2.2

1037 7.7 13.: 2.2

103 7.7 11.7 2.2

1036 7.7 15.: 2.2

1010 7.7 14.6 2.2

1013 3.0 14.6 2.2

1011 3.0 14.6 2.2

101: 3.0 14.6 2.2

1015 3.0 14.6 2.2

1014 3.0 14.6 2.2

1012 3.0 14.6 2.2

1017 3.0 14.6 2.2

101 3.0 14.6 3.0

1016 3.0 14.6 3.0

10:0 3.0 14.6 3.0

Source 8ano esearch &nstitute9 %rovided b (u%in (td.

Exhibit 1.: 4eneric Drugs: 4ro'th Rate and $hare in Total harmaceutica

4eneric: 4ro'th

rate

4eneric: $hare in

total harma"

mar7et

4eneric: 4ro'th

rate

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%


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1 2 3 4 5 6 7 8 " 1011121314151617181"2021222320.0%

2.0%

4.0%

6.0%

8.0%


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rio II

#arket Sales - o=o C>S

7.4 ;.((2 3.07/I02 79464 0.73 5.6/I0:

.3 ;.((< 3.3/I02 902 0.26 4.0/I0:

.7 ;.((- 3.:6/I02 69:03 0.27 4.3/I0:

6.4 ;.((3 3.20/I02 309560 0.22 2.40/I0:

30.1 ;.(1( 3.7/I02 339::0 0.20 7.01/I0:

30. ;.(11 1.01/I02 3191 0.25 7.66/I0:

33.5 ;.(1. 1.:0/I02 3:9424 0.46 .53/I0:

31.0 ;.(1* 1.51/I02 3596:4 0.21 6.12/I0:

31.7 ;.(1+ 1.27/I02 32904 0.20 6.67/I0:

3:.5 ;.(1, 1.7/I02 379:1: 0.20 3.07/I05

35.3 ;.(12 :.06/I02 39247 0.20 3.32/I05

35.6 ;.(1< :.::/I02 109065 0.20 3.14/I05

34.7 ;.(1- :.46/I02 139253 0.20 3.:5/I05

32.2 ;.(13 :.2/I02 1:9:07 0.20 3.54/I05

37.4 ;.(.( 5.32/I02 149301 0.20 3.42/I05

3.4 ;.(.1 5.5/I02 149:4: 0.47 3.47/I05

36.4 ;.(.. 5.4:/I02 149202 0.47 3.46/I05

10.2 ;.(.* 5.47/I02 14921 0.47 3.20/I05

13.7 ;.(.+ 5.21/I02 129313 0.47 3.21/I05

11.6 ;.(., 5.22/I02 129:1 0.47 3.25/I05

15.1 ;.(.2 5.73/I02 129252 0.47 3.24/I05

14.4 ;.(.< 5.72/I02 12963: 0.47 3.27/I05

14.4 ;.(.- 5.0/I02 17931 0.47 3.26/I05

14.4 ;.(.3 5.4/I02 179545 0.47 3.70/I05

14.4 ;.(*( 5.60/I02 17971 0.47 3.71/I05

;.(*1 5.64/I02 17971 0.42 3.71/I05

5ar7et

4eneric: $hare in

total harma"

mar7et

#!lu


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425


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Savin's-"roc Savin's-Site C>S - savin's >ross %rofit S>


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Sales Cost


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&nterest and dividenNon-o%eratin' e;%ense &nterest %aid? rdinar inco!e /;traordinar

506 60

463

77 10

39007 10

3931 10

39:42 10

3954: 10

3924: 10

3913 10

19003 10

19362 10

19507 10

192:5 10

197 10

:935: 10

:9375 10

:9102 10

:91: 10

:9170 10

:9:0: 10

:9::2 10

:9:26 10

:950: 10

:95:7 10

:9573 10

:9525 10


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Net inco!e b &nco!e ta;?? &et income a0ter tax

:36 3:5 34

463 15 :5:

727 :11 554

67 534 471

3930 524 25:

39::2 423 774

395:: 201 :3

392:: 22 657

3903 742 39055

3963 :1 39356

19372 635 39121

19:7 39001 39:5

19235 3906 39432

194 39103 3924

:931: 39:33 3933

:9345 39:14 3916

:932 39:: 395

:913 39:43 3922

:9140 39:24 394

:91: 39:76 39605

:9:32 39:6: 3961:

:9:56 39507 3965:

:9:: 39513 39621

:9537 395:4 3961

:9543 39540 19001

:9555 39557 3966


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hase 5olecules ty =g# $aBingsF=g

"hase 3

341 33000 3.27

140 1000 0.4

20 6000 0.45

3:0 3740 0.1:

30 1400 0.54

20 30000 0.2

"hase 3

0.331 :000000 0.:5

70 100 0.32

20 :400 0.133 :00000 0.:

0 1000 0.32

$a; benefits

&t is also e;%ected that (u%in =ill save M0.55 !n on bulk %rocure!ent of +"& in )8 1

$he %otential ta; savin's due to relocation of certain !anufacturin' activities to &ndia

)or esti!atin' ter!inal value9 one !a assu!e that (u%in =ill be able to save a!ount


5

.((31(

anel A: $aBings 0rom site Bariation to India !("((


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.((31(

0 0.5 3.27 3.70

0 0.14 0.40 0.43

0 0.17 0.45 0.44

0 0.31 0.1: 0.1:

0 0.1: 0.54 0.52

0 0.:0 0.20 0.23

0 0 0.37 0.:5

0 0 0.0 0.32

0 0 0.33 0.130 0 0.34 0.:0

0 0 0.0 0.32

0.11 0.12 0.55 0.41

30

=as e;%ected to be ,SD 0.11 !n9 0.12!n9 0.55 !n and 0.41 !n res%ectivel for )81030 to )8103:

s si!ilar to )8103: durin' future ears

4 2 7

.(1(11 .(111. .(1.1*

es o0 !("((.1Ftablet# usd to E%

300 140 400 -

0.74 3.74 :.74 2.:

:00 400 740 -

0.54 0.74 3.314 1.5

:.544 7.25 30.2:5 r

:.544 7.25 340.716:4:6 '

1.52 4.0 6:.4: 11)1+


47/54


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330

7.02

0


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Item

Ja%anese 30 r >ovt Bond A2 !onths avera'e to )ebruar 19 1007

isk %re!iu! in the Ja%anese !arket?

Size "re!iu! in Ja%an

Cost of Debt for si!ilar co!%anies

+fter-ta; Cost of Debt

/;chan'e rate AJ"8,SD

/;chan'e rate AJ"8&N

?+vailable fro! &bbotson +ssociates Ja%anese /@uit isk "re!ia e%ort 1002


*+CC

rccf

/

D/

rf

!r%

$

beta u

beta l

re

Exhibit 1,: =ey $toc7 5ar7et and Exchange Rate In0ormation


51/54

Rate

3.26

4.0

:.64

1.5:

3.53 3.53

330

1.7:

7.02

7.52

0.2 DV 0.50 /V 0.2

3.26

4.0

51

0.4:4

0.61

30.1


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0.2222222227

0.:437:077


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&nfor!ation $o=a "har!a. )uEi "har!a.

/VSales 1.26 3.6 3.62 3.1/V/B&$ 37.01 34.5 34.5 6

/V/B&$D+ 31.1 31.63 33.:3 2.45

"/ atio 16.07 15 12.77 37.1

"rice to book value 16.62 13.55 46.63 36.6:

Beta 0.4: 0.53 0.26 0.2: 0.424

,nlevered beta 0.5 0.:4 0.2 0.2: 0.4:4


Exhibit 12: 5ar7et 5ultiples o0 5a6or Comparables

Sa=ai"har!a.

Nichi-lko"har!a.

Note $he O"rice to BookL ratio based on 1002 infor!ation9 re!ainin' are based on infor!ation in #arch


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1007

20151028 Lupin-Case Exhibits for Distribution

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Transcript of 20151028 Lupin-Case Exhibits for Distribution